Spring 2025 Victoria Real Estate Market Update

By Scott Johnston, Local REALTOR®

As we step into spring 2025, the Victoria real estate market is showcasing a blend of resilience and opportunity. Here's an in-depth look at the current landscape:

🏡 Market Snapshot: March & April 2025

• March 2025: 613 properties sold, marking a 4.3% increase from March 2024 and a 16.1% rise from February 2025.

• April 2025: 642 properties sold, a 5.3% decrease from April 2024 but a 4.7% increase from March 2025.

Despite global economic uncertainties, the market remains stable, with inventory levels holding steady around 3,000 listings, providing buyers with ample options.

📉 Condo Market: A Temporary Dip

The condominium sector experienced a slight slowdown in April, with sales decreasing by 10.1% compared to April 2024, totaling 187 units sold. This dip is attributed to broader economic factors rather than a fundamental shift in demand. For buyers, this presents an opportunity to explore options in a more balanced market.

🏠 Detached Homes: Continued Demand

Single-family homes remain a strong segment, with 335 units sold in April 2025, just a 0.6% decrease from April 2024. Certain price ranges continue to see multiple offers, indicating sustained demand. The average price for single-family homes in the Victoria Core was $1,309,500 in February 2025, up from $1,262,200 in February 2024.

🌆 Municipality Highlights

Victoria Proper: The heart of the city offers a vibrant urban lifestyle with access to cultural amenities, dining, and waterfront views. Properties here continue to attract professionals and retirees alike.

Esquimalt: Known for its military presence and proximity to downtown, Esquimalt offers more affordable housing options with potential for future growth.

Oak Bay: A prestigious area known for its heritage homes, top-rated schools, and proximity to the ocean, Oak Bay remains a sought-after neighborhood for families and retirees.

Saanich: Offering a mix of urban and rural living, Saanich provides larger lot sizes and a more relaxed pace, appealing to those seeking space and tranquility.

Looking Ahead

As we approach the peak of the spring market, inventory levels are expected to rise, providing more choices for buyers. While the condo market experiences a temporary slowdown, detached homes continue to be in demand, especially in desirable neighborhoods. For both buyers and sellers, now is an opportune time to engage with a local REALTOR® to navigate the current market dynamics.

Today, we’re featuring one of Greater Victoria’s most cherished neighborhoods: James Bay. Nestled just south of downtown, James Bay is both a high-density residential area and a hub of history, culture, and natural beauty. Established by the Hudson’s Bay Company in 1843, it’s one of Victoria’s oldest settlements. The land was originally inhabited by the Swenghwung people of the Lekwungen Coast Salish, whose descendants are now part of the Songhees First Nation.

James Bay is a vibrant, urban neighborhood filled with a variety of living options, from detached homes to townhouses, condos, and apartments. Popular among both locals and visitors, the area sees a steady flow of tourists, thanks to its proximity to Ogden Point, where cruise ships dock, and its convenient ferry connections to the U.S., including the Clipper Ferry to Seattle and the Coho Ferry to Port Angeles, Washington.

Among James Bay’s many attractions, Fisherman’s Wharf stands out as a must-see. This unique floating community features residential houseboats, popular eateries, and whale-watching tours, offering a waterfront experience unlike any other. Nearby, the Dallas Road waterfront walkway provides stunning views across the Juan de Fuca Strait toward the Olympic Mountains. To the east lies Beacon Hill Park, Victoria’s largest and oldest public park, where you can stroll, picnic, and observe local wildlife. The park also boasts a petting zoo, open during the spring and summer, that’s always a hit with families.

Bordering both downtown Victoria and Fairfield, James Bay is home to over 10,000 residents, offering plenty of rental and ownership options. While the area’s desirability contributes to higher-than-average home prices, the quality of life here is unmatched for those seeking an ideal blend of urban amenities and natural surroundings. James Bay Square is a bustling center of activity, with grocery stores, cafes, pubs, and local shops that make daily errands convenient and enjoyable.

From scenic beaches along the southern coast to an abundance of marine wildlife, including seals, otters, and even the occasional orca, James Bay has so much to offer nature lovers. And while the waterfront wildlife is a treat, it’s the seagulls that rule the area with their lively presence, so be mindful of your snacks at the beach!

For questions about living in James Bay or exploring current properties, feel free to reach out at (250) 880-6774. There’s something for everyone in this iconic Victoria neighborhood, and I look forward to helping you find your ideal home here.